Fuller’s completes £200m refinancing
The new debt facilities consist of a £90m term loan and a £110m Revolving Credit Facility provided by a group of seven banks
Fuller’s has announced that it has successfully completed the refinancing of its group debt facilities of £192m, which were due to mature in February next year.
The new debt facilities consist of a £90m term loan and a £110m Revolving Credit Facility provided by a group of seven banks.
The new facilities have an initial maturity date of 31 May 2026 with an option to extend by a further year. They are also unsecured, and the borrowing cost of the facilities is determined by the level of company leverage.
The initial borrowing cost is 285 basis points over SONIA, which it said is a “significant improvement” to the cost of the existing debt facilities.
The new facilities are £119m drawn, leaving £81m of undrawn facilities available to support future growth.
The group is set to provide its full-year results and strategy update in an announcement on 9 June.
